Metal shares tumble on weak Chinese data

Shares of eight metal companies fell by 0.38% to 6.43% at 13:46 IST on BSE after a weak Chinese data.

Tata Steel (down 6.43%), NMDC (down 3.97%), Sail (down 2.83%), Hindalco Industries (down 2.59%), JSW Steel (down 1.18%), Jindal Steel & Power (down 0.87%), Hindustan Zinc (down 0.69%) and Sesa Sterlite (down 0.38%), edged lower.

The S&P BSE Metal index was down 2.39% at 8,375.70. It underperformed the Sensex, which was down 1.30% at 19,470.44.

The S&P BSE Metal index had outperformed the market over the past one month till 27 September 2013, rising 12.60% compared with the Sensex's 9.79% rise. The index had also outperformed the market in past one quarter, rising 15.87% as against Sensex's 4.51% rise.

A Chinese manufacturing gauge unexpectedly rose less than a preliminary estimate in September, highlighting challenges for Premier Li Keqiang in sustaining a rebound from a two-quarter economic slowdown.

The Purchasing Managers' Index from HSBC Holdings Plc and Markit Economics rose to 50.2 in September from 50.1 in August. The final number was less than last week's 51.2 preliminary reading. A similar gauge from the government is due tomorrow, 1 October 2013. China is the world's largest consumer of copper and aluminum.

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